GENEVA (AP) — The Swiss government says it’s agreed to give an urgent credit line of $4.1 billion to power plant operator Axpo Holding. The idea is to help the company as energy prices soar in Europe and could endanger supply in Switzerland. The Baden-based company that has locations in 30 countries on three continents said it applied for the funds to help meet collateral requirements of long-term supply contracts after a tenfold increase in wholesale electricity prices from a year ago and wild fluctuations in prices in recent days. It says the “continuing unpredictability” in the market has prompted governments in countries like the Czech Republic, Finland, France and Germany to help out energy companies.
BE PART OF THE CONVERSATION
KVIA ABC 7 is committed to providing a forum for civil and constructive conversation.
Please keep your comments respectful and relevant. You can review our Community Guidelines by clicking here
If you would like to share a story idea, please submit it here.